how to settle credit cards

mondayfeeling90

hi I want to settle my credit card, how do I go about it ....and will I get a reduced amount as I am paying all off please help....

[Deleted User]

Your statement will tell you how to pay.

If you want a discount, you will need to default and ideally have the account sold to a debt collection agency. You should then save a few quid, but will of course have a trashed credit file.

It's generally cheaper in the long run just to clear the balance. Remember there will be trailing interest next month if you have been carrying the balance.

trailingspouse

Well done - paying it all off every month is the way to go. You don't get to pay a reduced amount - but you do avoid their outrageous interest charges, which I guess amounts to the same thing.

I've set up direct debits from my current account to my credit cards to just automatically pay off the bill every month. You need to keep an eye on how much you're using it so that you know there's enough money in the current account - but you would be doing that anyway, wouldn't you.